In Russia, the Ministry Of Finance has begun amending laws governing the local securities market with the aim of stamping out activities that could be considered as illegal gambling.
According to a report from Asia Gaming Brief, the new regulations would allow the nation’s Central Bank to revoke a securities professional’s license if they are found to be responsible for the organization or management of gaming activities or if they have violated laws that have outlawed non-state lotteries since July of 2014.
October saw the Central Bank announce plans to audit companies suspected of offering unlicensed gambling services under the guise of brokerage transactions while the nation’s Roskomnadzor communications watchdog recently sent out letters asking major banks and payment systems to make sure clients and partners were not servicing illegal online casinos.
Roskomnadzor has been intensifying efforts to stamp out illegal online gambling in Russia and blocked over 350 domains suspected of such activities during the first week of the month alone. However, its most recent move has drawn criticism from several bookmakers and Darina Denisova from the self-regulating Association Of Bookmaking Shops.
Denisova recently told Betting Business Russia that the initiative from Roskomnadzor is “an excess of its powers” as the agency does not have the authority to impose restrictions on the banking sector and would hurt Russian bookmakers that have yet to connect to the new TSUPIS online payment processing service.
“The initiative to introduce restrictions on [the transfer of money to offshore betting companies] could adversely affect the activities of Russian bookmakers who are preparing to accept bets online,” said Denisova. “This is due to the fact that it will be extended to ban banks from transferring funds in the form of a rate to Russian bookmakers.”